Neimeth International Pharmaceuticals Plc has achieved a 103% growth in revenue for the 2024 financial year, boosting total sales to N4.49bn from N2.21bn in 2023.
The company’s Chairman, Christopher Oshiafi, announced this impressive growth during the 66th Annual General Meeting in Lagos, attributing it to improved sales volume and enhanced market penetration.
Oshiafi presented the audited financial results, highlighting significant operational improvements despite the challenging economic environment. “We have increased our gross profit by 167% from N734.07m to N1.96bn and turned our operating profit around from a loss of N1.02bn to a positive N18.89m,” he said.
The company effectively implemented cost containment strategies, reducing marketing and distribution expenses by 14% and administrative expenses by 28%. However, finance costs rose by 32%, and foreign exchange losses increased by 41%, impacting bottom-line profitability.
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Despite recording a loss before tax of N854.43m and a loss after tax of N885.33m, Managing Director and CEO Valentine Okelu expressed confidence in the company’s growth trajectory. “We have turned a corner and are now on a strong growth path, driven by cost efficiency and effective route-to-market execution,” he said.
Okelu added that Neimeth’s share price had rebounded significantly, reflecting investors’ positive response to the company’s improved financials. Shareholders commended the board and management for the turnaround, noting that the company was gradually becoming sustainable for dividend payments.
The National Chairman of the Progressive Shareholders Association of Nigeria, Boniface Okezie, urged the company to sustain its profitability trajectory and ensure consistent dividend payouts. He also advised Neimeth to explore more opportunities in pharmaceutical manufacturing to increase revenue streams and solidify its position as one of the fastest-growing pharmaceutical firms on the Nigerian Exchange.
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